Navitas (NVT)

Navitas’s expansion into the US is gaining traction, with the education services provider signing agreements with the University of Massachusetts Lowell and the University of Massachusetts Dartmouth to provide pathway programs to its undergraduate and masters programs.

Earlier in the week, it announced a similar deal with Western Kentucky University and this helped the stock gain on Wednesday while the broader market retreated.

This should allay concerns that the stock may be starting to look expensive after surging close to 80 per cent over the past year - about twice the gain on the All Ordinaries - to put it on a forecast price-earnings multiple of 21 times, a 39 per cent premium to its international peers.

However, most fund managers and brokers can find few faults with the business, as Navitas is an efficient operator in one of the most stable growth industries.

Furthermore, Navitas has a strong balance sheet and that should help it capitalise on any distressed assets that appear on the market.